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% of those surveyed say president obama's recent economic speeches offer nothing new. result of that? 52% of that say they disapprove of the job president obama is doing, and get this, 74% say we rely too much on the government, food stamps, welfare, saying it's too easy to get government handouts. new polls. the numbers suggest the country has a negative view of the president's performance, and his economic agenda. however, investors clearly do not have a negative view of tesla, the electric car company. they sold more cars than all the oh-so-clever analysts expected, and tesla is expanding with a backlog of orders, and look at this, the stock up big, 10-12% of the opening bell. it's not the only stock up. a higher open in a couple minutes, but firsts though, there's this. three winning powerball tickets sold, two in new jersey, one in minnesota. they will split a $448 million jackpot, no identity on the winners yet, but one thing's for sure. they all pay a huge chunk of the prize up front in tax. more on that later in the hourment i'm going to call government lotteries a lousy deal. sh
and air power now positioned for action. expect a move in oil, gold, and stocks if president obama orders military intervention. syria's assad says, you will fail. the rim fire around yosemite rages on in california. san francisco had to buy power from plants fueled by natural gas. environmentalists not happy. donald trump is not happy, new york attorney general filed suit calling his university misleading. it is extortion, says trump. all right, everybody, what do you think about this? miley cyrus at the music awards? horror -- here we come. "varney & company" about to begin. ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all onhinkorswim from td ameritrade. ♪ >> we start with this. in syria, the gassing of men, women and children last week has pr the obama administration. americans forces have moved closer. four navy warships off coast of western syria, attack planning has been wrapped up. the opposition cl
] lasting freshness. >> let's kick off the show with breaking news. the ap reports that president obama is canceling his meeting with russian president putin over tensions because of the nsa leaker edward snowden. russia granted snowden one year temporary asylum last week. we didn't like it, the meeting off. let's get the policy, president obama's plan to keep the hougs recovery going, here it is, winding down the role of fannie and freddie and give private banks a bigger role in lending. he wants more loans for credit buyers and exert more control over the bank telling them what to do. if things go wrong, the taxpayer will still have to back the housing industry. social engineering like we had ten years ago, yes, say the critics. others support it. but remember this, do you remember this from a few weeks back, the government is using census data for a fair housing rule. they're making a racial map of every neighborhood in america, grabbing demographic data to make sure there is no inequality. special engineering and housing back at the top of the president's agenda. let's get to the ma
years by the clinton state department and the obama white house, and i do concede that it's a complicated situation. neil: now, i know, secretary, we're not into regime change and that whether this is the obama administration's way saying we're not doing wha bush, rumsfeld, and cheney did. you know the line. we're going to keep the guy in power. it's not about taking him out of power. it's about defanging him. let's say he takes the chemical weapons away, secretary. he still has guns, has tanks, has the power to kill his people, all be it not with chemicals, so, for what? >> caller: neil, he's estimated to have killed close to a hundred thousands syria people before the use of chemical weapons. neil: exactly right. >> caller: if this is a humanitarian mission, what's interesting, seems to me, is that we -- there has not been any indication from the administration as to what our national interest is with respect to this particular situation. if you think of what's really important in that region, it is two things. it's iran's nuclear program and the relationship between ira
,000 acres now in the top ten largest fires in california history. michelle obama's push for healthy school lunches hits a setback after one year, some school districts are dropping the program altogether. too expensive they say and the kids just are not eating the food. and get this, please. a new study says middle age now begins at 53, oh, dear. but the markets they're about to open and that's the focus. yesterday on "varney & company," we had a guest. he said there's a double dip coming for housing. today we've got someone who predicts mortgage rates could eventually go as high as 14%. doesn't it take you back to the '80s? stay there everybody, another big day is coming for your money. the bell is next. the boys used double miles from their capital one venture card to fly home for the big family reunion. you must be garth's father? hello. mother. mother! traveling is easy with the venture card because you can fly any airline anytime. two words. double miles! this guy can act. wanna play dodge rock? oh, you guys! and with double miles you can actuay use, you never miss the fun. beard grow
obama talking about what is probably your biggest investment today, your house. what he's saying and the changes that could be in the works for the housing market. he talked a little bit about it yesterday in a big speech in phoenix. today answering questions about housing, and a brand new list. we love lists, goldman sachs sending out a note of what it calls the 40 cheapest stocks in the market. can they make you money? well, we're going to give you the list throughout our show today. first though, down to sue, nyse. hi, sue. >> hi, ty. right now the markets are falling a little bit, not all that much, but it's the third straight day to the downside. right now the dow jones industrial average is down 47 points. the s&p 500 is off about 6.25, and the nasdaq off 16 and the russell 2000 off 7.5. in terms of interest rates, we actually moved down a little bit on the interest rate earlier this morning, and we're at 2.61%. comex gold is snapping its losing streak, up about two bucks on the trading session and brent crude is down half a percent. kenny polcari a cbs analyst joins me as
speeches in front of friendly audiences. mr. obama claims middle class progress. but the facts contradict the claims, on income, jobs, on health care costs. the middle class is losing ground and the pace of decline is speeding up. we have a full report. and on obamacare, the list of local governments switching to part-time workers is growing. and there are 38 days till those chaotic insurance exchanges. what on earth is going on at the nasdaq stock exchange. was the three-hour freeze just another computer glitch? steve ballmer out at microsoft and the stock takes off. ooh. "varney & company" is about to begin. you know throughout history, folks have suffered from frequent heartburn. butetting heartburn and then treating day after day is a thing of the past. block the acid with prilosec otc, and don't get heartburn in the first place. [ male announcer ] one pill each morning 24 hours. zero heartburn. >> friday morning and breaking news for you, just crossing the wire. microsoft's chief steve ballmer will retire in the next few months until a successor is named. the stock is straight up. a
, and the obama administration saying it is ready to act in syria if needed. secretary jack lew on squawk saying moments ago the president will not negotiate over the debt ceiling. >>> good news for tiffany, and luxury, in that it was boosted by sales in china. >>> and the end of the era, bill ackman is bailing on jcpenney, and they are looki in ing to ses shares. >> and we will look at the new home sales to be released. >>> treasury secretary jack lew telling our own john harwood that the president will not e negotiate over the debt limit which could be reached in mid-octob mid-october. take a listen. >> we won't be negotiating over the debt ceiling and congress has authorized funding and committed to expenditures and now the question is do we pay the bills that the united states has incurred. it is the only way for that to do is for congress the act and act quickly. what we need in the economy is certainlity, and we don't need a self-inflicted wound or crisis at the last minute. congress should come back, and they should act. >> jim, they say when it rains, it pours and government is part of t
, president obama returns from vacation and plans to sit down with the leading financial market regulators today. opinions from both sides of the aisle next. right now, 7 years of music is being streamed. a quarter million tweeters are tweeting. and 900 million dollars are changing hands online. that's why hp built a new kind of server. one that's 80% smaller. uses 89% less energy. and costs 77% less. it's called hp moonshot. and it's giving the internet the room it needs to grow. this&is gonna be big. hp moonshot. it's time to build a better enterprise. together. pcentury link provides reliable yit services like multi-layered security solution to keep your information safe & secure. century link. your link with what's next. >>> welcome back to "squawk box." president obama will be sitting down with the leading financial market regulators today to discuss their progress or lack of progress in implementing dodd/frank. joining us to talk about it, tony frato and jerod bernstein. hi, guys. >> hi, andrew. >> before we even go there, i have a joe question for jerod. i don't know if you heard u
in the program. to egypt, and patrick leahy saying the obama administration has temporarily halted all u.s. aid going to egypt. some in the arab world going the other way, pledging $12 billion in aid to egypt's new government. here is what the saudi foreign minister is saying today. to those who have announced they are cutting their aid to egypt or threatening to do so, that, we say, that are arab and muslim nations are rich and will not hesitate to help egypt. look at the price of oil. the market apparently believes the military is winning, suez canal stays open, down to 105 on oil. and an outspoke muslim american is with us this morning. and a possible 14 k handle on the dow? we've got a couple of big name retail stocks going up this morning. you're going to see it happen live. gee, it's great to be back. right now, 7 years of music is being streamed. a quarter million tweeters are tweeting. and 900 million dollars are changing hands online. that's why hp built a new kind of server. one that's 80% smaller. uses 89% less energy. and costs 77% less. it's called hp moonshot. and it's giving the
these stories come in and even though i feel like i attention, 3.8%. >> the obama administration and congress when the past obama care tended not to highlight the tax increases that the 4 obama care. and capital gains which is at 15%, obama moved it up to 20%. and 3.8%, and 24%, back to where it was before reagan came into office. and on capital gains taxes, and they were in dividends. 39.5%. and it was a tremendous assets, through dividends. and to 23.8%. than other investment income in chapter s corporations and other investments like that, 43.4%, 3.8. connell: in some ways. but probably in fairness to all of us, the so-called taxing the rich is what they were talking about during the debate. >> you make more than 200,000 you will be hit by this. connell: when they presented it there will be small tax increases to the, quote, rich and this is what it means. what the fact economically? >> anytime you tax you get additional incentive, lots of different things, it will reduce the amount of investment income people have. if you are investing getting capital gains and dividends and the governmen
by obama just a couple days after the jackson hole meeting here. but there is uncertainty over fed policy. there's a certainty over leadership and economic growth. all those things loom large here. and will be spending the next couple of days trying to figure out if we can get some guidance over where the fed is going here. the absence of a definitive statement by the fed chairman will have to mean another time to happen, simon. >> this is of their own making. the problem with nailing your colors to the mass with forward guidance is it doesn't work if you don't know where you're going to guide people to. if you're split or indecisive. that surely, steve, is what is happening here. they raise the question of tapering. you get the interest rates rising. you feel the pain around the world. but when you actually get to tapering you're not sure if the growth is going to be strong enough because you're not really sure if the fed has the courage of conviction at all. the market will find it very difficult to rally on it. >> you know, i like that analysis, simon, because you're right. you hitch y
obama does not know how to fix the problems unless he is taxing someone or spending our money, those are his only two solutions this tax he wanted to do it by circumventing congress, what a surprise. >> the congressman in alaska wanted to to it in 2007 it died on the committee. neil: a big state with a lot of land in between cables. latest health care surprise, you can keep your health care but at ups not your spouse. because ups is planning to remove thousands of significant others to save what it says are very significant cost for health care coverage under the new law, proof to the law has to go, jedediah yes, jonas noto fast? >> it has to go. i cue that clip of barack obama saying if you like your healthcacare, you can keep it, f it is a spouse, it not going to work. but, ups was blunt about saying that obamacare was a contributing factor, they did not keep that private. these are fees we'll incur, we no longer have money that we would have had to provide service. we have to adapt. >> i am jus wondering jonas, ifu are having other problem, you point to health care to sort of take
: thank you, nicole. president obama eager to highlight a sliver of the economy doing well, real estate. taking to the interpret yesterday at zillow to answer questions about the recovery, housing finance reform, some of what he talked about, but is he on tricky ground? monica is here, and chief economist at first trust advisers, brian, to you first. when you talk about real estate and associating yourself with a recovery, but one that could be called into question, is he treading on dangerous ground here? >> he could be. you know, i actually think the real dangerous ground is, believe it or not, is trying to trash the economy. it keeps growing. it's what we call the plow horse economy. day after day after day, better numbers, today, initial claim, but what worries me is every time the government tries to get involved in a market, it's slowing it down, and, in fact, if you really look at this recovery, the two slowest areas of recovery are employment and housing. the two areas the government tried to help the most, and that's why they are slow to recover. i -- i don't mind his proposal
that was an interesting comment. obama canceled his meeting with vladimir putin right after the appearance with the jay leno with tub long list of topics including average snowden being granted asylum. >> i was disappointed because even though we don't have the extradition treaty with them, traditionally we have tried to respect is there is a lawbreaker or alleged lawbreaker in their country we evaluate and try to work with them. they did not do that with us. and in some ways it is reflective of the underlying challenges we have had with russia lately. lori: des prez incumbents and a recent summit he had. >> you look at me with the nbc executive. what is going on? [laughter] that was a news making interview. >> i am not sure that was his place to do that. >> aol has agreed to buy a 405 million cash and stock it was bigger than the a will purchase of the huffington post. c02m armstrong says it will help to integrate advertising with video content. the deal will close in september. the week-long furlough has been announced with the technology group starting augus. they will receive one-third of pay while
speech in washington. churches and other bells will ring to mark the hour. president obama will speak today in d.c. the fire near yosemite is one of the largest in california's history. the boost containment to 23%. the fire has consumed 293 square miles. the tomatoes were flying in spain. 130 tons of ripe tomatoes. the town needs the money to pay down debt. by the way, portable showers are available. lori: thank you so much. the unemployment rate may be down. according to my next guest, it will take years for this to return to full employment. you did some of your own calculations on the unemployment situation. we need 2 million more jobs to get us back to where we were. how did you come to this number? >> that is the difference between how many people were employed and how many were employed in july. the actual jobs deficit is bigger than that, however. lori: what is the deficit? >> between seven and seven and a half million. lori: since we follow the payroll report on a monthly basis, how many new payrolls need to be created in the economy. >> if we have job growth of about 80,000
, and that is what some would like. how do you feel about that? are you in support of obama's request to congress to move the national minimum wage or the federal minimum wage from $7.25 to $9? >> well, the most important thing we can do right now is to create all jobs and that helphe everybody. we want to create jobs and we have been in that since the recession starting to recover and we are partnering with wa walmart, and dozens of ceos and governors and so creating jobs is critical, but the question is what is the right way to do it? is the right way to do it by choosing between hiring fewer people at higher wages or greater number of peoples at competitive wages that the marketplace will support, and that is really the conversation that we need to have. what's in the best interest of the local communities and workers and we take the view that it is better to be encouraging business growth and development by reducing and eliminating the regulations, and not layering the regulation on the employers and create jobs in all sectors the get the economy move f moving forward again. >> so do you supp
, and how do you prevent that from an open-ended involvement in a war that clearly president obama and the united states military does not want to get involved with in a deep way. >> the public apparently has no appetite for any other conflict? russia immediately said, you know, don't -- you people don't need another adventure in the middle east like iraq and iran. obviously saying the same thing. it's really tough. it's really tough for the president to try to walk. >> reporter: it's more than tough. and you saw assad in an interview with a russian newspaper yesterday saying -- warning the united states that you get involved again, there's going to be a failure like all your interventions in the past. clearly the lessons of long and protracted wars have weighed heavily on the president. this is a president, after all, who got into politics, opposing the iraq war. says he doesn't oppose all war, but he opposes dumb wars, and it's pretty clear from his language and body language and the entire stance of the united states over the last several months that he believes it would be dumb
some numbers with it? >> that was like the perfect storm. you had obama fighting for the debt ceiling. you have the beginning of the love trade in india and the middle east. all of that demand was just massive. emerging markets have been slowing their overall growth. if we go back to a store and a fight in congress and we have a strong pickup in gdp and emerging markets, you can see gold trade to that level. on a price adjusted basis, gold would be at $2300. it is still attractive. tracy: you are absolutely flooring everyone who bought gold. you are getting everybody excited. frank holmes, thank you for making this bullish case on gold. we will see what happens. ashley: oil closing down. today had a loss of 2%. the second straight day back group has closed lower. rich edson traveling along with lawmakers in california. he joins us now with more on his exclusive interview. rich: there are significant differences. republican saying we do not want any more tax revenue. democrats say they want up to a trillion dollars more. we asked them, are they on the same page? >> we are both working
.s. treasury. president obama is calling for both lenders to be shut down. diana olick joins us now from washington to explain why. morning, diana. >> good morning. and, you know, profitability just has nothing to do with it in the eyes of the obama administration. both fannie and freddie reporting big earnings, profits, yet they're still held to blame for much of the housing crash. >> for too long these companies were allowed to make huge profits buying mortgages knowing that if their bets went bad, taxpayers would be left holding the bag. it was heads we win, tails, you lose. and it was wrong. >> that was then and this is now. fannie mae reporting net income of $10.1 billion and paying the treasury $10.2 billion in dividends. that brings the total to $105 billion paid to uncle sam which bailed out fannie mae in 2009 buying $117 billion in senior preferred shares of stock. these dividend payments though do not go to pay back that bailout. treasury still owns that stock. and on the conference call this morning, fannie mae's ceo said that profitability should not slow the appropriate deba
this is a conspiracy between me and president obama or i was soliciting money from people who had some affiliation with him. the documentary evidence is overwhelming. he committed fraud on an ongoing basis. he fleeced people who couldn't afford the money out of $40 million. maybe the most despicable thing his instructors told students, you have to raise your credit limits. call your credit card companies, get more credit if you want to succeed in real estate and folks used that increased limit to pay more money to trump and went further into debt. despicable scheme and he's going to pay for it now. >> any other name than trump, this story doesn't get any pick-up, nobody notices it. to those who say it's an opportunity for you to increase your public profile and that of your office, how do you respond? >> i'm responding to him. i mean he went in the newspapers on saturday and started talking about it. and making crazy accusations against me. so, we're not going to sit down and let him make fall accusations and lie what the case is about. this is a classic bait and switch scheme. you have to sent a
'm lauren green with your fox news minute. the obama administration is expected to toughen its criticism of syria's alleged use of chemical weapons against its own people. secretary of state john kerry is due to make a statement from the state department in the next several minutes as the uggs considers possible military actions. it comes hours after united nations on the ground in syria were fired on from unidentified snipers on the way to investigate last week's alleged attack. the president says there is little doubt that president assad's troops used chemical weapons which activists say killed hundreds of people. more than 100,000 people have decide in syria's incivil war international action calls are growing. shimon peres is talking on the u.n. to take steps to stop the blood shed in the country. those are the headlines on the fox business network. now back to lori. lori: fox's lauren green, thank you. my next guest says action into syria is imminent. joining to us discuss the conflict in syria and implications for the ongoing budget battle, is greg valliere, chief political strate
of touch screens. now, president obama has 60 days to review this decision. if he doesn't veto the order, it will go into effect. and if you remember, he vetoed the order when it came to apple. we will see what happens when it comes to samsung. becky? >>> we do have more boardroom drama at jc penney today. "the wall street journal" reports the board met late yesterday afternoon to talk about their next move. the directors are looking at ways to remove bill ackman from the board. the article also notes that it's questionable whether ackman has violated his duties as a board member. there may be a de facto board that excludes ackman. scott, i'm glad you're here for this discussion because this has gotten weirder and weirder. >> it has indeed. >> i thought it was bizarre when we first heard about what was happening. because as a board member, you wonder if he'll be operating from the inside or outside. this is more typical of an outside activist shareholder thing. charles nelson in this "journal" article raises questions whether he did anything wrong at all. he says it would be really diffi
, a state president obama lost by just two points last year, passed a strict new voter i. sdrjts d. law being challenged in federal court. it requires all voters to show a government issued i.d., among some other reforms. former secretary of state hillary clinton is taking notice. she weighed in during a speech at the american bar association. john, let's listen. >> sweeping effort across our country to obstruct new obstacles to voting. often under cover of addressing a phantom epidemic of election fraud. not every obstacle is related to race, but anyone who says that racial discrimination is no longer a problem in american elections, must not be paying attention. and despite the best efforts of many well-intentioned election officials, discrepancies in resources across pretingss and polling stations still disproportionately affect african-american, latino and young voters. >> the republican governor in north carolina said this is common sense reform, good for the state. he thinks it ought to be in more places around the country. what do you think secreatary clinton's doing here by step
and the health care worries and back and forth on the taxes and obama wants more and we are tapering. perfect. just great. >> well, things could be worse -- you could be in india and watching the currency decline by 4% per day. >> you could be in indonesia and watching a similarly currency going down. >> the rupee. >> yes. and that is a fact. >> and the fact is that the dollar buys more rupees than you can see, whoa! any time a major currency moves almost 4% in a day, this is of course, the impact that you would expect of making indian exports cheaper which will benefit us, but a consumer-led economy there where they are trying to bring it in is complicated and then bring in a lot of goods and send them in and back out, and the equity markets there have not been performing well. >> and you are, we have not talked enough about the merging markets. >> well, they have been crushed. when you talked about the taper talk or the okay, what happens when, and forget about when qe ends, because it is not that the merging markets will take et the worst, because all they are built on is cheap money, and
the obama tax rates which could be pushing them up into a 50% bracket which lends you to see a taxable equivalent yield of 9% to 9.2%. that's a lot to pass up for an investor who is getting asurety of that return. >> talking about the search for yield and reach for yield, but we tend to think of it strictly in terms of the equity markets, not muni bonds as much as we did, say a year ago. >> it's easy owe make will call because munis got hurt on the detroit concern. is that an issue we'll see further problems with other municipalities down the road? >> that's a great point, bob. i think you'll see more complicated issues per state, but those are the ones where, you know, a good portfolio manager is going to look and say what are the revenues and tax revenues that will always be there? we'll be in our cars and rvs passing through turn pikes. >> you betcha. >> but it's an important point, and also to your point about china just getting back to the global markets. you're looking at a pe ratio going forward in the capital markets in europe about 12 to 13 times versus the united states which
it invests money from your insurance premium. both are going up. despite president obama's suggestion that health care costs are going down, cigna has been able to get higher prices for its health insurance. ever higher prices. at the same time it has a major exposure to real estate. those seem to be getting better and better and better after taking a beating for a long time. then there's cabot oil & gas. one of the fastest growing oil and gas names in the world. cabot has a new market in new england, rapidly changing heating to cheap natural gas that will be from cabot when it gets its pipeline built. how about amgen. all time high. acquiring onyx pharma. a fresh growth injection. this combination gives amgen a fast-growing -- and once again amgen, remember, has now become a growth stock. that's exactly how -- the best bang for shareholders' bucks. lockheed martin finds itself on the all-time high list by default. supposed to be decked by the sequester. wasn't the sequester supposed to shoot them to kingdom come? they weren't. that fact has deluded and shocked wall street, which has
have a double whammy for home building stocks. last week president obama came out gave a speech on fannie and freddie arguing they ought to be wound down and replaced by another agency. you saw what happened on that, david, home building stocks went through the floor last week tuesday and wednesday. so now we have a double whammy, the concern about higher rates and concerns about less government support overall. that's a real problem. and the itb, the main etf for the home building industry hit a new low for the year, but it wasn't on the rates, it was on concern about fannie and freddie and the lack of support there for the mortgage market. guys, back to you. >> thanks very much, bob. that's still to come. fannie and freddie. that will be a long -- >> begin today just a football security. don't know what's going to happen. >> even the preferreds are a real risk. time for a little bit of a faber report following up on a story here. our viewers have been covering mergers and acquisitions for a long time. but rare indeed when you see a consent solicitation of the shareholders for
" top spot making $25 million. >>> president obama in washington after a vacation at martha's vineyard. he's got his work cut out for him. egypt, regulation and funding the government. john harwood joins us with the latest. what's top priority? >> top priority for the president that is meeting with financial regular laters. he returned from martha's vineyard to a vacation buffeted by the conflict in egypt and other things that are pressing on a national security basis, more revelations about the nsa as well. he's got a very economic, heavy agenda as he comes to back to washington. congress is still out. he meets with the whole array across the government of regulators about trying to keep pace with implementation of dodd/frank, only 40% of the regulations are done. volcker rule is most important, trying to get that done by the end of the year. the president has also got speeches in upstate new york to press his agenda for a middle out economy. that is not likely to go too far with republicans but he's trying to soften up the ground for the fiscal debates this fall. the president has th
to work. >> you pass laws that make it more expensive to hire like obama care or raise the minimum wage, that hurts young people dramatically. >> simple cause and effect for how it is happening. people at the high end are hogging more of the overall income, that's not simple enough to explain what is happening here. >> i wouldn't dissuade you of that view. we talk about minimum wage. you don't necessary necessarily think that's t think that's wait to go either. >> this is why the huffington post writes about you, from a negative. you do sound reasonable at times. >> i can't -- >> not all the time. no. not under any means, but okay. >> coming up, why the markets were so confused by yesterday's fed minutes. did you see the intraday chart from yesterday? up, down, all over the place, crazy. what you should expect in today's session. "squawk box" will be right back. i hav e low testosterone. there, i said it. see, i knew testosterone could affect sex drive, but not energy or even my mood. that's when i talked with my doctor. he gave me some blood tests... showed it was low t. that's it. it
on saturday. big day. fox business was with first lady michelle obama as she came in to kick off the entire tournament, talking to kids, trying to push the let's move campaign, wanting kids to exercise, move, things like that, but she was addressing the stadium full of children and takes the opportunity to tell the kids, basically, get a job. >> if you want to be good at anything, you have to work at it. i know your parents tell you that all the time, but i want to everyone sis that. if you want to be good at anything, put the work in. you have to show up every day. cheryl: all right. that was the first lady talking about the importance of hard work and dedication. nobody knows that better than the next guest, tony, one of the champions, and i don't even cook, so i'm excited to be next to this man, "top chef" masters, you're at the u.s. open this year, and i got to say, they are upgrading the food. why get involved? >> well, that gives us a chance to do a wine bar, a real one. we wrote a cookbook calledded wine book food, and now it's wine bars, one on the south plaza right behind us and on
a lot of dough, the president, current president, president barack obama, ramped it up. there was no chirping then. i didn't hear chirping going we're going to hit $16 trillion at midnight, let's party! no. but the effects of less government spending definitely going to slow things down because you're not paying for it but it's a good thing. somebody broke the silence, i think it was bank of america, victoria mcgrain from "wall street journal" wrote a piece on wall street journal.com and it talks about the agenda for jackson hole. it's august 22nd to 24th. think about what i was saying. wouldn't it be nice if central bankers got together and tried to really figure out how to solve some of the structural issues? but the topics that were put forth, same old thing. the natural rate of interest, financial prices at zero lower bond, the transition of unconventional monetary policy. global liquidity, cross border cap flows. it seems to me that these are the same old topics, the crisis has come and gone. maybe we need to shake things up a little bit like one of those snow glob
moved behind the scenes to quash the campaign and are insisting that obama not be pressured as he mulls to nominate. >> the president does not like people trashing those he is seriously considering for big jobs. he plainly likes larry summers. there has been a campaign against summers within the senate. you had a significant block of senate democrats who were signing their names to a letter, essentially endorsing yellen. democratic senators have publicly raised questions about whether larry summers would fit in that job. and the president doesn't like being hemmed in. we have seen this at his press conferences. saw it when he went to the hill and talked to democrats and defended pretty forcefully larry summers as somebody who had helped him a good bit, who has a lot to offer. he has been -- summers has been believed to be the front-runner for the job. don't know to what extent that is still the case. but the president doesn't like to be dictated in these sort of scolded his democratic colleagues. >> we have been looking at this, this opposition in the senate and other places that have b
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